BioMed Realty Trust Inc. BMR disclosed signing of a 20-year lease with Illumina Inc. ILMN, which is in genomics, for a 155,000-square foot, new scientific research building in Cambridge, England. This new build-to-suit laboratory building in Cambridge's growing life science cluster would serve as Illumina's new European Headquarters.
The deal reflects solid demand for BioMed’s properties. We believe it would help the company ensure a steady revenue stream over the long term from this property. BioMed acquired land for this project under a long-term ground lease from The Welding Institute, expanding its Granta Park campus in Cambridge.
As a matter of fact, BioMed owns, manages and operates Granta Park which is a scientific research center and situated 8 miles from the Cambridge University. It presently includes 472,200 square feet of laboratory and office space.
BioMed is focused on expansion in this region as it offers scope to leverage the skilled workforce in the research cluster anchored by Cambridge University. The company acquired a 42,400-square foot build-to-suit property in development for Takeda Pharmaceutical Company in the Cambridge Science Park last year. The latest build-to-suit deal with Illumina brings BioMed Realty's presence in the Cambridge, England market to nearly 700,000 square feet.
The San Diego, CA-based real estate investment trust (“REIT”) – BioMed – is engaged in acquiring, owning, leasing, managing and selectively developing laboratory and office space for lease to life science tenants, including biotechnology and pharmaceutical companies, scientific research institutes, government agencies and other entities involved in the life science industry. The company enjoys ownership or has stake in properties that span around 18.3 million rentable square feet.
Currently, Biomed carries a Zacks Rank #3 (Hold). Investors interested in the REIT industry may consider stocks like Hersha Hospitality Trust HT and Prologis, Inc. PLD. Both stocks sport a Zacks Rank #1 (Strong Buy).
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